Indian organizations have shown a higher adoption rate of digital strategies
According to a recent report by International Data Corporation (IDC), 69 per cent of organizations consider themselves “digital businesses” with well-defined digital strategies and widespread implementation of digital technologies. Another 22 per cent of organizations do not prioritize digitalization, while the remaining 9 per cent are classified as “digital native businesses” that were built with a strong focus on digital technologies from the start.
Indian organizations have shown a higher adoption rate of digital strategies despite starting their digital technology adoption journey later than their counterparts in the Asia/Pacific region and globally. Factors contributing to this higher adoption rate include government policies promoting digital technologies, competitive pressures, and learnings from other regions.
As we enter the digital business era, organizations are transitioning from a transformation mindset to running viable digital businesses in the long term. Tech suppliers, including hardware, software, and service providers, are innovating their offerings to become strategic partners for buyer organizations. This includes delivery models such as as-a-service, consumption or outcome-based pricing, and platform-based service support.
However, organizations anticipate that macroeconomic challenges will continue to impact their tech budget decisions. Supply chain constraints, inflation, staffing shortages, and recession are top risk factors of concern in 2023. Therefore, IT budgeting strategies need to be updated, and the focus should be on optimizing digital investments.
While the future of Indian organizations lies in being digital-centric, both tech buyers and suppliers need to identify factors that lead to delays or failures in digital projects. Lessons learned from failed projects should be internalized to evolve as viable digital businesses.
To succeed in a world of constant disruption, organizations must analyse failures and continuously improve. Staying updated on macroeconomic factors and maintaining technical proficiency is crucial for both tech buyers and suppliers. Organizations are prioritizing the optimization of existing IT investments and making digital investments with a focus on ROI. Deployment, pricing, and support options, such as as-a-service models and outcome-based pricing, are key considerations when selecting strategic partners for IT initiatives.